PAKISTAN’S public debt has surged by 76pc to Rs86.7tr in four years, according to a new government report. Though the debt-to-GDP ratio fell to 68.3pc in FY26 from 70.6pc a year earlier, the improvement offers little comfort. Headline debt is still rising while weak growth limits the revenues and exports needed to service it. Furthermore, over the past decade, an average of 81pc of the fiscal deficit was financed domestically. Reliance on local banks has effectively turned government securities into a most........

© Dawn